Lebanon’s Bourse witnessed a marginal rise during this week’s performance, where the BLOM Stock Index (BSI) rose 0.03% to reach 1,224.93 points. As such, market capitalization on the Beirut Stock Exchange (BSE) increased from $10.299B to $10.301B this week.
However, the average traded volume and value on the Lebanese bourse respectively plunged from last week’s 841,417 shares worth $2.98M to 136,987 shares worth $2.13M this week.
As for regional indices the Morgan Stanley (MSCI) Emerging Markets registered a 2.35% weekly decline, while the S&P Pan Arab Composite LargeMidCap and the S&P AFE40 indices recorded this week respective marginal rises of 0.08%, and 0.26%.
In the Arab world, as gulf countries awaited the Fed’s decision regarding interest rate hikes, stock indices fluctuated. As such, Qatar’s stock index recorded a 1.69% rise, while Abu Dhabi, Bahrain, and Saudi’s gauges witnessed respective declines of 1.20%, 0.27%, and 0.38%. As the central banks of Saudi Arabia, Kuwait, Bahrain, the United Arab Emirates and Qatar followed the Fed with their own 0.25 percentage point rate hikes on Thursday, next week’s performance is expected to positively translate this decision.
The banking sector constituted the largest share this week of 76.1% out of the total value traded on the Lebanese Bourse. In details, BLOM listed shares and Byblos common shares registered respective rises of 1.83% and 1.20% to close at $10.55 and $1.69. However, Audi common shares and BLOM GDRs dropped by a weekly 3.85% and 1.35% to $6.50 and $10.95, respectively.
As for the Bourse’s preferred shares, the BLOM Preferred Shares Index (BPSI) fell by a weekly 0.23% to 105.34 points, where Audi preferred “H” shares and Byblos Preferred 2008 shares rose by a weekly 1.48%, and 0.59% to $103 and $102.60, while Byblos Preferred 2009 dropped 2.97% to stand at $101.40.
As for the real estate sector, which constituted 23.82% of the total weekly traded value, Solidere A and Solidere B shares increased by a weekly 3.81% and 1.62% to $11.43 and $11.32, respectively.
In the manufacturing sector, HOLCIM shares fell 0.54% to $13.00.
On the London Stock Exchange, BLOM GDRs, Solidere GDRs, and Audi GDRs registered respective losses of 0.91%, 0.90%, and 4.44% to stand at $10.85, $11.00, and $6.45, respectively.
As new meetings are being launched regarding the imminent decision on the new Lebanese Electoral Law, the Lebanese bourse is expected to slightly improve in the upcoming weeks